We used to read surveys that said that employees typically did not leave jobs because of the money. Management would think that was the reason, but surveys would show that things like relationships with their supervisors or lack of opportunity were stated as more important reasons than money. Well a recent Hay survey (as reported on the SHRM website) shows that leaving for money is back on top.
Reward Strategies Should Target Key Talent written by Stephen Miller lists the results of the Hay Survey done in conjunction with the work of Dow Scott of Loyola University. The results show the top reasons “talent” leaves organizations:
- Opportunity to earn more elsewhere (cited by 77 percent of respondents).
- Lack of promotion opportunities (67 percent).
- Pay levels perceived as unfair vs. outside opportunities (58 percent).
- Dissatisfaction with job or work responsibilities (56 percent).
- Pay level perceived as unfair vs. employee’s performance/contribution (53 percent).
- Workloads too heavy (52 percent).
- Work/life balance issues (50 percent).
You will notice supervisors and culture are not listed anywhere. I have not read the survey, but my guess is this survey is a reflection of the downturned economy of the last several years. People are tired of not making money and be rewarded for their hard work.
How do you retain your talented people? One of the suggestions was pay them above the market. That does not work for every organization. But there is one method of pay everyone can use. That is PAY SOME ATTENTION TO THEM! Don’t assume because they are there that they want to be or because they haven’t gone anywhere that they won’t. If you do that you will wake up one day and they will be gone in an exercise of employment-at-will.